China's CATL to build its first European EV battery factory in Germany

CATL will build the battery factory in central Germany to supply the country's auto industry through its transformation toward electric cars, high-end manufacturer BMW said Monday.

"Today's signing represents a new chapter in the success story of our BMW Brilliance Automotive joint venture", said Harald Krüger, chairman of the board of management of the BMW Group. The expansion is the German luxury carmaker's second this week in China, part of a parade of accords announced at a Berlin summit with Chancellor Angela Merkel and Chinese Premier Li Keqiang in attendance.

Currently, global supply of battery cells is sufficient to meet carmakers' demand, but the situation could change, when several new electric models are rolled out from the early 2020s.

German economy minister Peter Altmaier equally sees the need for a European initiative for the production of battery cells on the continent. However, since the factory was opening in Europe, it was good that it was opening in Germany, she added.

"It is important that Germany works closely with a big worldwide manufacturer, because the Germans can't do it, they don't want to... and they are less willing to invest in this new field".

The company plans to make the investment in two stages, with an initial 14 gigawatt-hours of capacity to come on stream in 2021.

Approximately 600 high-tech jobs are expected to be created at the facility in Thuringia, which will be located on a 70-hectare plot in an industrial park called Erfurter Kreuz.

BMW has awarded a contract worth just over 1 billion euros ($1.2 billion) for China-based CATL to make cells for electric cars, while Volkswagen has selected three suppliers-CATL, South Korea's Samsung and LG Chem to supply $25 billion worth of batteries. "CATL is a very open company, whether it is German or not does not matter". "We welcome the decision of CATL to manufacture in Germany and are in talks regarding this", a spokesman said.

Related:

According to traders and buyers of CFC-11 in China, the chemical is used in the majority of China's rigid PU foam sector. Clare Perry, EIA UK Climate Campaign Leader, said: "This is an environmental crime on a massive scale.

Cardi B has filed a $15 million countersuit against her ex manager Klenord "Shaft" Raphael , TMZ is reporting . Cardi B is preparing for motherhood by going after her former manager for trying to control her life .

That is because Athens has always been upset FYR Macedonia is too similar to a region in northern Greece called Macedonia. A spokesperson for the Greek government said that Greece "will not tolerate anything that violates global law".

The loss was devastating: AMSC's stock shed $1 billion in value, and the company cut 700 jobs, more than half its workforce. China has imposed tariffs of 25 percent on hundreds of American products in retaliation for U.S. duties on Chinese goods.

It's a tabular iceberg, long and flat; in the video, you can also see tall, thin pinnacle icebergs crack off and flip over. Scientists have managed to capture on film the moment a huge iceberg breaks away from a glacier in eastern Greenland.

She used her social media accounts and loyal following to tease the kits which sold out in less than one minute in 2015. The mag values her Kylie Cosmetics makeup company - of which she owns 100% of - at almost $800 million.

A look at what's ahead in the World Cup
Luka Modric is the world's best midfielder and Croatia's greatest ever player, according to Jermaine Jenas . We watched England in all their games and they play really well.

Bank of Canada Raises Key Interest Rate To 1.50%
The Bank said Canada's economy is operating "close to capacity", implying that it expects to see inflation rise in the future. The tariff fight, the bank estimated, will shave almost 0.7% from Canada's economic growth by the end of 2020.

Israeli military says it shot down a Syrian drone
Russia, another top key ally of Assad, has warned it would be unrealistic to expect Iran to fully withdraw from the country. He said the UAV had been tracked long before it entered Israel, flying through both Jordanian and Syrian air space.

Cardi B & Offset Welcome A Baby Girl Kulture
Although excited, Cardi admitted that she was also initially anxious when she found out that she was expecting. The Migos member has two sons, Jordan and Kody, and a daughter, Kalea, from previous relationships.

USA to impose extra tariffs on $200bn of Chinese imports
The S&P 500 and Dow futures dropped 1%, indicating Wall Street would open lower, while Japan's Nikkei declined 1.5%. The list names more than 6,000 items including food products, minerals and consumer goods such as handbags.